Changed Ownership in Advisory Company EQT Partners.STOCKHOLM, Sweden -- Partners of EQT Partners
EQT Partners have agreed with Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). to acquire 36% of the shares in the advisory company EQT Partners AB for SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 290 million ([euro] 31.2 million). The transaction means that Partners of EQT Partners will increase their ownership from the present 33% to 69% and that Investor will remain as owner of 31% of the shares. The transaction is subject to approval by Investor's Annual General Meeting, to be held on 27 March 2007. EQT Partners had a turnover of SEK 348 million in 2006, reported earnings after tax of SEK 33 million and has more than 120 employees. EQT Partners advises 11 funds, with managed capital of over [euro]10.5 billion. The change in ownership of EQT Partners AB will not affect Investor's agreements with these funds. Investor will remain as the largest investor and sponsor of the funds with unchanged financial conditions. "The change in ownership strengthens our platform for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth and development. In addition, EQT EQT Environmental Qualification Test EQT Engine Qualification Test EQT Engineering Qualification Testing EQT Equatorial Crossing Time EQT Emotional Quotient Theory EQT Engineer Qualification Tables Partners' independence is made clearer. We see a similar trend in the rest of the private equity industry, where it is normal for partners to have a majority shareholding in the advisory company. At the same time it is important to emphasise that the change only applies to the advisory company. Other relations with Investor will remain unchanged, including the industrial network and Investor's investments in EQT's funds", comments Conni Jonsson, Managing Partner of EQT Partners. "The proposed deal is a natural step in EQT Partner's development and puts the advisory company in a good position to build its business further. We are confident that our existing and future investments in EQT's funds will continue to generate attractive returns," commented Investor President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Borje Ekholm in a statement. Investor was involved in starting EQT Partners AB in 1994, and since then has been the largest investor in all the funds. As EQT's funds have grown in size, Investor's holdings in the funds have decreased. In the European based funds, Investor's share has fallen from a high of 32% in EQT III to 12% in the latest fund EQT V. The other 88% of the investors in EQT V come mainly from the Nordic area (30%), Europe (30%), North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (25%) and other parts of the world (15%). This information was brought to you by Waymaker http://www.waymaker.net |
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